Dr. Powell stated, "Based upon my observation from our clinical experience with this product, we think these studies will translate into concrete data that will ultimately result in Phase 2 and 3 studies which will hopefully lead to a fully approved FDA product."
Fortune Business Insights added: "Cannabidiol is extracted from cannabis or hemp, but more specifically from hemp due to its naturally high CBD content. The product is often mistaken for its psychoactive counterpart tetrahydrocannabinol (THC) extracted from the same plant. It has several benefits in treating anxiety, helping prevent seizures, inflammation, and reducing pain. The market is evolving faster due to its increasing utilization in the cosmetics, food, and pharmaceuticals industry. The market exhibits immense growth potential as consumers are becoming aware about the benefits possessed by the product. The manufacturers are focusing on formulating new product offerings infused with CBD oil to provide the consumers with easy access."
Earnings from operations of $1.7 million compared to a loss from operations of $32.7 million in the prior quarter; Net loss of $134.4 million as a result of $130.0 million of non-cash amounts reflecting the impact of share price volatility on accounting valuation of derivative warrants; Achieved first quarter of positive adjusted EBIDTA in Sundial’s history, at $3.3 million compared to an adjusted EBIDTA loss of $5.6 million in the prior quarter; $969.5 million unrestricted cash, marketable securities and long-term investments on hand at March 31, 2021and $1.08 billion at May 7, 2021 with no outstanding debt; Investment balance of $96.0 million at March 31, 2021 in cannabis-related loans and marketable securities generated income of $15.7 million for the quarter; Gross cannabis revenue was $11.7 million, a decrease of 30% from the prior quarter; and Subsequent to the quarter end, announced an agreement to acquire Inner Spirit Holdings and Spiritleaf retail cannabis network.
"During Fiscal 2021, Canopy Growth transformed into a CPG-modelled organization, reinforcing a foundation for sustained growth and long-term success. By leveraging consumer insights and innovation to deliver best-in-class products, Canopy Growth is positioned to achieve our goal of unleashing the power of cannabis to improve lives," said David Klein, CEO, Canopy Growth. "We are starting to see strong momentum across all of our key businesses and remain firmly focused on capitalizing on U.S. opportunities in Fiscal 2022."
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) recently announced its financial results for the fourth quarter and Fiscal Year 2021 ended March 31, 2021 . All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.
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The prominent players in the market are focusing on launching novel and advanced products to cater to the high demand for CBD among consumers. The increasing utilization of the product in the manufacturing of medicines and consumer products will create lucrative opportunities for the market. The rising approval grants from the government agencies for various CBD products is further expected to favor the growth of the market.
Top companies covered in CBD oil market are Medical Marijuana Inc. (California, U.S.), Cannoid, LLC (Colorado, U.S), Isodiol International Inc. (Vancouver, Canada), ENDOCA (Chicago, U.S.), Folium Biosciences (Texas, U.S.), Nuleaf Naturals Llc. (Colorado, U.S), Pharmahemp d.o.o (Slovenia, Europe), Elixinol Global (Sydney, Australia), CV Sciences (California, U.S.), Medterra CBD (California, U.S.), and more players profiled
Major Companies Focus on Partnerships to Brighten Their Market Prospects
Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth between 2021 and 2028. Our well-revised reports help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
The global cannabidiol market size was valued at USD 2.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 21.2% from 2021 to 2028. Due to its healing properties, the demand for cannabidiol (CBD) for health and wellness purposes is high, which is the major factor driving the market growth. In addition, the rising acceptance and use of products due to government approvals is a major factor expected to boost production for CBD-infused products.
Out of all cannabinoids, cannabidiol is most widely used for therapeutic reasons due to the lack of psychoactive effects. In many medical applications, cannabidiol oil is used, such as anxiety and depression treatment, stress relief, diabetes prevention, pain relief, cancer symptom relief, and inflammation. Due to the increasing adoption of CBD-based products to treat ailments, the global cannabidiol market is anticipated to grow at a lucrative rate over the forecast period.
COVID19 cannabidiol market impact: 6.1% decline in revenue growth
Products in the market provide users the health benefit of cannabidiol without intoxication. Hence, they are gaining traction within a short time. Moreover, competition in the global market is high because companies are focused on increasing their product offerings, entering new markets, and gaining new consumers.
The market started experiencing a shortage in supply due to the nationwide shutdown of transportation and manufacturing in major raw material manufacturing countries, such as China and India.
The pharmaceutical segment is projected to witness the fastest growth rate over the forecast period. This rapidly progressing transformation of cannabidiol from herbal preparations to prescription drugs is anticipated to boost the growth of the market. Furthermore, growing awareness about the medical benefits of cannabidiol, including its healing properties, is anticipated to drive the product demand in the pharmaceutical industry.